TPG-led investor group to buy Thycotic, merge company with Centrify

An investor group led by TPG Capital LP agreed to buy Thycotic Software Ltd. from Insight Venture Management LLC, or Insight Partners, and merge the company with fellow cybersecurity software provider Centrify Corp.

Financial terms of the transaction were not disclosed.

Private equity firm Thoma Bravo LLC and pension fund Public Sector Pension Investment Board will provide minority investments to the business.

The acquisition comes after TPG's acquisition of a majority stake in Centrify from Thoma Bravo, which has now closed.

Centrify CEO Art Gilliland will serve as CEO of the merged companies, and Thycotic CEO James Legg will become president.

Centrify and Thycotic offer privileged access management solutions to organizations.

The merger is subject to customary closing conditions, including regulatory reviews.

Citi served as TPG's financial adviser, and Davis Polk & Wardwell served as its legal counsel.

Evercore acted as lead financial adviser and BofA Securities as financial adviser to Thycotic and Insight Partners. Willkie Farr & Gallagher served as Insight Partners' legal adviser.